A growing number of companies are turning to Bitcoin as a treasury asset, with 61 corporate treasuries now collectively holding 3.2% of the total BTC supply.
Standard Chartered revealed these figures in a June 3 report, underscoring a dramatic rise in institutional involvement.
Publicly listed firms currently own 673,897 BTC, according to Geoff Kendrick, the bank’s global head of digital asset research.
Standard Chartered Warns of Future Price Pressure
While current buying trends are adding to Bitcoin’s upward pressure, Kendrick warned that this could reverse.
“Bitcoin treasuries are adding to Bitcoin buying pressure for now, but we see a risk that this may reverse over time,” he said.
The report noted that 58 of the 61 companies had net asset value (NAV) multiples above 1.
Kendrick cautioned that these valuations may not hold as regulatory barriers fall and investor access increases.
“As these inefficiencies are eventually removed, we think Bitcoin treasuries could become a source of downside price pressure and volatility,” he explained.
Volatility a Key Concern for New Entrants
With half of these companies acquiring BTC at an average cost above $90,000, further price swings could pose financial risks.
This is well above the $70,023 average price for Strategy’s 580,955 BTC.
Such exposure makes newer entrants more vulnerable to downturns, especially in a volatile environment.
“Imitators” Double Holdings in Just Two Months
Standard Chartered observed that so-called Strategy “imitators” have significantly ramped up their BTC acquisitions.
Holdings among these firms doubled from under 50,000 to approximately 100,000 BTC in just two months.
By comparison, Strategy added 74,000 BTC in the same period, while other firms contributed 47,000.
New Players Join the Bitcoin Strategy Movement
The trend is spreading.
On June 3, Canadian renewable energy firm SolarBank announced it had adopted a Bitcoin treasury strategy.
The company opened an account with Coinbase Prime for custody and began setting up USDC and self-custodial wallet services.
Also on that day, France’s Blockchain Group disclosed a $68 million BTC purchase.
Norway’s K33 followed in late May, raising $6.2 million to fund Bitcoin buys.
Saylor, Zhao Defend Bitcoin Strategy Amid Risks
Despite the growing concerns, Strategy co-founder Michael Saylor remains firm.
He claims the company’s capital structure could endure a 90% drop in BTC prices and remain operational for years.
“It wouldn’t be a good outcome for the equity holders,” Saylor told the Financial Times, “but everybody else in the capital structure would get paid out.”
Former Binance CEO Changpeng Zhao offered his take on X.
“Not taking risks is a risk in itself,” he wrote.